An assessment of pension liabilities according to IAS 19 and GAAP

We have been performing actuarial calculations according to IFRS since 2004. Our company assess companies’ liabilities to their staff and provide consulting services to assist in quality management of long-term social initiatives.

Experts of Consoris Consulting have developed the liabilities calculation model that has proved its viability and has been approved by the leading audit companies. This is evidenced by a portfolio consisting of 250 clients, including both national and international companies and their branches.

Assistance in IAS 19 compliance

A good use of international financial reporting standards grants the company an access to international capital markets, confirms its business transparency, and enhances foreign partners’ and investors’ confidence.

The Consoris Consulting experts’ fifteen-year experience proves the efficiency of engaging professional actuaries. We carry out comprehensive assessments of long-term liabilities which are formed subject to legal requirements, company’s internal programs and collective employment agreements.

For the purposes of an external and independent assessment we use a variety of methods, take into account statistical information from different sources, conditions of market development and investment climate. We monitor trends and changes in international financial reporting standards.

Rehabilitation of company’s economy and optimization of liabilities

Our calculations help to minimize risks and overestimated liabilities, regulate amounts of payments and facilitate successful passing an audit. We act as IFRS / IAS advisors and protect a company from an excessive financial burden when forming social programs and carrying out collective employment agreements.

Standard set of services

Examining terms and conditions of corporate pension programs and social benefits and allowances;Approving and forming key actuarial assumptions based on company’s data on demographic changes and financial variables, company’s projections for the nearest years and long-term forecasts of macro-indicators provided by reputable international agencies that are actual on the valuation date.

Calculating pension liabilities according to IFRS and national legislation, making a list of persons entitled to such payments.

Developing methods of liabilities assessment according to the applicable standards.

Developing a mathematical model of future costs of employees’ remuneration according to IFRS (IAS 19) subject to different demographic, social and financial factors.

Carrying out comprehensive analysis of personnel data to classify and develop the terms and conditions of long-term plans, reserve funds for making payments, and their correct reflection in the company’s financial accounting and reporting.

Delivering detailed reports on assessment of liabilities, values recognized in the statement of financial results (P&L) which are considered in the total gross income.

Analysing sensitivity of liabilities to deviations in key actuarial assumptions.

Determining the extent to which key financial, demographic factors and experience adjustments affect the size of the remeasurement effect.

Advising on declaring the assessment results in accounting statements.

The range of services may change depending on the client’s needs.

Additional services offered to our clients

We also consult about pension issues and develop individual pension plans that cover:

An assessment of expected and planned changes in the liabilities description and their impact on company’s financial results in the future.

Advising on possible alternative drafting of pension plans to achieve the required financial results and to model cash flows.

We provide our support in passing an audit and make a detailed report on actuarial assessment results as requested by the client. This is important for capital adequacy monitoring and efficient risk management.